According to the monitoring of the Commodity Market Analysis System of SunSirs, the price of corrugated paper continued to rise last week. On November 7, 2025, the average ex factory price of 140g corrugated paper was 3,040 RMB/ton, an increase of 1.33% compared to the average price on November 1.

In terms of upstream raw materials: Last week, the price of waste paper in Zhejiang Province continued to rise, and domestic waste paper prices also continued to increase. On November 7, 2025, the average purchase price of A-grade waste yellow cardboard in Zhejiang Province was 1,958 RMB/ton, an increase of 4.48% compared to the average price on November 1. The current recovery of waste paper market supply is relatively slow, and packaging stations in various regions from south to north have reported a decrease in waste paper recycling compared to previous years. On the demand side, due to the successive arrival of e-commerce festivals and year-end promotions, paper mills have a high demand intention, which supports the continuous upward trend of waste paper market prices and continues to reach new year highs.

On the supply side: Currently, the continuous rise in raw material waste paper prices has put pressure on the raw material costs of paper companies. Combined with the continuous release of price increase letters from leading paper companies in early November, other small and medium-sized paper mills followed suit, forming an industry wide trend of price increases. Under the stimulation of multiple factors, the price of corrugated paper continues to rise.

On the demand side: With the continuous emergence of e-commerce festivals and year-end promotions, downstream cardboard and carton factories actively purchase raw material corrugated paper to meet the peak season demand, forming a centralized procurement demand and continuously driving market prices. And the market has always followed the principle of buying up and not buying down, so downstream hoarding behavior is also quite obvious.

The paper analyst from SunSirs believes that the current market has positive expectations for the future, and paper companies are not reducing their willingness to raise prices. The continuous rise in waste paper prices still provides cost support, and it is expected that there will still be upward space for corrugated paper prices in the short term.

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